Debt collection software is designed to help collectors more efficiently and effectively manage accounts, communicate with debtors, and secure payments. Like effectively all industries, technology has changed the face of debt collection significantly. Where paper files and a desktop handset were once the tools of the trade, today, agents increasingly rely heavily on software, databases, and power dialers to do their jobs. One tool commonly employed by collection agencies is customer resource management software. CRM systems are sales tools that lend themselves perfectly to debt collection, which is unsurprising since collection and sales have a lot in common. The following is a quick guide describing all the things CRM software can do for the collections process, from improving account management to connecting more calls to enabling speedier payments, and beyond.
Make Tracking Multiple Debtors Easier
Sometimes an account can be closed on the first contact, but it isn’t common for debt collectors to have to make two, three, or even more calls to debtors before finally negotiating a payment. As a result, a debt collector may find themselves juggling a list of dozens of accounts, all at different stages of the collection process. Good debt collection software should make organizing and monitoring those debtors and tracking their progress through the collection process faster, easier, and clearer.
A good customer resource management system uses advanced lead management tools and automation to accomplish that task. The key information from each contact with a debtor is automatically saved to their account, removing the burden of tracking contacts from the agent. Agents can quickly and easily add notes for additional context, and debtor accounts can be accessed in seconds from anywhere within the system, making reviewing debtor information easier than ever. The end result is that collection agents can achieve a deeper understanding of their slate of accounts in less time, ensuring fewer debtors slip through the cracks.
Enable Collections Agents to Manage Calling Better
The telephone is unquestionably one of the most important tools in debt collection, and calling debtors is one of the most important aspects of every collector’s day. With so many calls to make and so little time to make them, any tool that makes calling more efficient and enables agents to reach more debtors per day is highly valuable. Debt collection software should be designed to make the process of managing call lists and contacting debtors more efficient.
CRM systems with built-in power dialers, like CRMDialer, offer debt collection agencies the tools they need to make calling debtors more efficient and more effective. Features like one-click and automatic dialing enable agents to make more contacts per day – a key to increasing close rates. And because the dialer seamlessly integrates with the data stored in each debtor’s profile, agents will always have easy access to up-to-date information on each open account right while they’re on the phone, improving the collections process itself.
Make Immediate Payment Collection Frictionless
Once an agent has convinced a debtor to pay off their account balance, time-to-payment becomes crucial. The longer it takes to process the actual payment, the more likely it is the debtor will change their mind or, worse, disappear back into the woodwork. Good debt collection software should enable agents to take payment immediately, as soon as they’ve reached an agreement with the debtor, including card-not-present payments made right over the phone.
Certain customer resource management platforms include built-in payment systems to allow users to instantly generate invoices and accept credit cards from within the CRM. CRMDialer enables users to take both credit card payments from all the major card companies and direct ACH payments. Payments can be taken through using a web-based checkout, or agents can take credit card details and enter them right into the CRM over the phone to process secure card-not-present payments in real-time. The ability to take a payment immediately once an agreement has been reached on a call goes a long way to ensuring accounts close as quickly as possible, boosting revenues and allowing agents to move on to the next account sooner.
Improve Answer Rates when Calling Debtors
There are two common problems that collections agents run into when trying to contact debtors by phone. The first is that, when calling outside their local area, agents run into low answer rates due to people’s natural tendency to screen calls with unfamiliar area codes. The second is that, once reluctant debtors know what number to expect collection calls from, they’ll ignore it intentionally or even block it outright. In both cases, the inability to reach the debtor slows down the collections process and makes everything harder.
Local presence is a feature included in some dialer-equipped CRM systems that eliminates this problem by giving agents control over their outgoing phone number. Agents making out-of-area calls can simply select a number that matches the area code of the call recipient, significantly boosting answer rates. Agents dealing with evasive debtors can change the number they call from regularly, reducing the odds their calls will be intentionally screened or their number blocked.
The right customer resource management system can have enormous impacts on the productivity and effectiveness of debt collectors, making CRMs an increasingly popular tool among collection agencies. CRMDialer is one of the leading CRMs on the market and a favorite of debt collectors thanks to its advanced lead management tools, built-in power dialer, billing and payments suite, and more.
To find out more about how CRMDialer can help your collections agency reach more debtors and close accounts faster, reach out to a member of the team or start your no-commitment free trial of CRMDialer today.